Number of available homes drops again

Homes sold in Midland County last month tops previous Januarys

Published 4:34 pm, Wednesday, February 22, 2017

The PBBOR reported there were 432 available homes in January. That figure represents a 49-day decrease from December and a 32 percent drop from the 2016 high in July (630).

The PBBOR reported there were 432 available homes in January. That figure represents a 49-day decrease from December and a 32 percent drop from the 2016 high in July (630).

Number of available homes drops again

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The number of available homes on the market has dropped by nearly 200 since July, according to statistics from the Permian Basin Board of Realtors.

The PBBOR reported there were 432 available homes in January. That figure represents a 49-day decrease from December and a 32 percent drop from the 2016 high in July (630). It also marked the fourth straight month the number of available homes dropped in Midland County and the lowest number of homes since May 2015.

The drop also shows the market is trending even more toward sellers. Veteran Realtor Victoria Printz told the Reporter-Telegram a balanced market (between the seller and buyer) is in the range of 900 to 1,100.

This report not only showed another drop in inventory but another increase in the number of homes sold (169) during the month. While January’s total is slightly more than the 165 sold in December, it is a dramatic jump from January 2016 when 102 were sold. In fact, the 169 sold in January were 39 homes more than any January going back to 2012, according to figures provided by the PBBOR.

“We started the year off with a bang,” said Carroll Nall, MLS/Member Services director for the PBBOR. “Record sales and steady prices. February numbers are looking strong and could be a record before it’s done. We believe consumer confidence is great and continues to rebound.”

January appeared to be a month that workforce housing drove the average price of homes sold ($260,139), which was lower than the average for 2016 ($276,688) and the lowest going back to April. Homes in the $200,000-$299,999 range made up a larger portion of sales than previous months. Also, the number of homes in the $300,000-$399,999 range dropped from 28 in December to 16 in January.

January PBBOR numbers also showed the average number of days on the market of a home sold in Midland County was 60 days.

Breaking it down to the individual price ranges:

- homes sold between $200,000 and $249,999 were on the market an average of 44 days,

- homes sold between $250,000 and $299,999 were on the market an average of 58 days,

- homes sold between $300,000 and $399,999 were on the market an average of 56 days.

- no price range, starting at $200,000, had a DOM lower than 33 ( from $750,000 to $999,999 price range).